- Currencycloud, which is based in London, has announced that it will be setting up a new office in the Raffles Quay area of Singapore, where it is also expecting to receive a relevant licence.
- It plans to hire 50 staff to fill out the new office over the course of the next year or so, and has hired Rohit Narang, who is a former Goldman Sachs banker and experienced start-up co-founder.
- The company said that the Singapore move would help it to aid its customers in locations across the Asia-Pacific region, such as Australia and Japan.
One of London’s major international money transfers service firms has confirmed that it will be opening up an office in Singapore in the coming months.
Currencycloud said that Singapore will be its headquarters for the Asia-Pacific (APAC) region.
It will open up the office in the Raffles Quay area of the city, it said.
The plan is for the firm to institute a programme of regional expansion in the area.
It will also be used to provide assistance to the many financial firms in Singapore and further afield that use its services at the moment.
These include big names in the online money transfer sector, such as Nium and TranSwap.
In a statement, a senior figure at Currencycloud described the APAC region as being full of innovators in the finance world.
Todd Latham, who is the firm’s chief growth officer, added that the company will use its base in Singapore to serve customers in countries such as Japan.
“Asia-Pacific is a hotbed of financial innovation… Our office in Singapore will enable us to continue to improve our services for our customers across Southeast Asia, Australia, Hong Kong and Japan,” he said.
Currencycloud has also made a number of senior hires to fill out its office.
Rohit Narang will become managing director for the region, the company said.
He previously co-founded the firm TrustingSocial, which is a niche credit score data firm.
He has also worked at big firms such as Goldman Sachs.
According to press reports, he is joining the company’s books at a key time.
He said that he has recognised that the need to “accelerate the shift to digital payments across the Asia-Pacific region has never been greater”.
It is believed that there will be 50 new members of staff hired over the course of the coming year.
Currencycloud was set up in 2012 and is hence now nearly a decade old.
It offers an account system that operates in multiple currencies and has partnerships with a range of other companies and firms in Europe.
Its next big milestone is likely to be the offer of a relevant licence from the Monetary Authority of Singapore.
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